State Representatives Denise Driehaus (D- Cincinnati) and Mike Foley (D- Cleveland) released the following statement in support of the announcement today that the federal government and 49 states reached a landmark agreement of at least $25 billion with the five largest mortgage servicers—Bank of America, JP Morgan, Citigroup, Wells Fargo, and Ally Financial.
“President Obama along with others, such as former Ohio Attorney General and head of the Consumer Finance Protection Bureau Rich Cordray, have stood up for working families and middle class Ohioans against Wall Street giants and today they won. This historic settlement will give relief to homeowners who have been hit hard by the mortgage crisis and it will establish new homeowner protections for the future,” said Rep. Foley.
“While Governor Kasich has been busy rewarding his Wall Street buddies with jobs, lavish benefits, and massive tax cuts; Ohioans have been suffering. Tuesday, during his State of the State address, the Governor never made mention to what he has accomplished to help struggling homeowners, rather he lectured about the need for bi-partisanship. Democrats have taken action to protect Ohioans against the abusive practices that created this mess and we will continue to fight for Ohio’s working families. Rep. Foley and I have introduced House Bill 187 which would work to protect consumers and homeowners, but this bill has been sitting for months yet to receive committee hearings,” said Rep. Driehaus.